Tax Returns : How to apply for HMRC Self Assessment Online

HMRC Self Assessment Login

The taxpayer can sign into their HMRC self assessment online account to send the tax return of HM Revenue and Customs (HMRC). To login into HMRC self assessment account, taxpayers can use their user ID and password which was created while registering for HMRC self assessment online account or when the HMRC online self assessment account was set up.

Who Can’t Use the HMRC Self Assessment Online Login Service

A separate form needs to be downloaded or a tax return software needs to be bought for a partnership, a trust and estate, and if an individual get income from a trust, if the individual is a Lloyd’s underwriter, a religious minister or need to fill in the non-residence part of the return.

HMRC Self Assessment Login Online

It is imperative to file a tax return with HMRC even if an individual does not owe anything to the HMRC. For each HMRC self assessment tax return deadline missed, there are a number of penalties imposed on the self assessment tax return.

These HMRC Self Assessment Tax Return Penalties Are:

£100 fine, which is imposed automatically, for filing the tax return even a single day late

A fine amount of £900 as penalties can be charged for over a period of the next three months

A fine of £3,000 for each year where the necessary records cannot be provided

DNS Accountants can take care of everything, starting from completing the tax returns to computing the tax amount that is due for refund to interacting with HMRC on the behalf of the client. We are professional accountants and we will be in a better position to help individuals get a clear understanding of self assessment tax returns and certain tips and advice.

HMRC Self Assessment Helpline

For individuals who might face difficult in login into the online helpdesk of HMRC can request for a fresh user ID or even raise a request for a fresh password. It might happen sometimes that both the user ID and password are not working or get lost. In such circumstances, users can login into GOV.UK Verify and apply for a new user ID or password which will be sent to the users by postal service. The postal service might take between 10 working days to 21 working days depending on the location of the user.

In addition to the above, certain other things that need to be tracked comprise of extra income such as:

Tip amount that is untaxed

Payment received as incentives

Reimbursements i.e. meal vouchers, travel bills etc.

It’s important to note that it is not only the self-employed individuals that need to file a self assessment tax return. Also, it is required for individuals claiming a refund on tax for everyday expenditure amounting to over £2,500.

HMRC Online Self Assessment

Self Assessment is a system used by HMRC for collecting income tax in the United Kingdom. The tax amount payable is more often than not subtracted automatically from the wage amount. Individuals and businesses with other income have to report it in a self assessment tax return. It is not just the self-employed who need to be bothered about self assessment tax returns. Rather, a self assessment tax return needs to be submitted if:

An individual gets £2,500 or more as untaxed income e.g. income from property rental or save instruments

An individual’s savings or investment income is £10,000 or more before tax

An individual made profits from selling shares, or a home and is required to pay Capital Gains Tax

An individual is a nominated business partner

An individual has income from abroad and is required to pay tax on foreign income

An individual who lives abroad and has a UK income

An individual received dividends from shares

An individual receives a P800 from HMRC stating that enough tax wasn’t paid the previous year

Individuals who are self employed must keep few things such as business records and transaction details up-to-date and in order so that it is easy for computation and to update documents when the time comes. Individuals also need to be up-to-date on Payments on Account for each year which also includes paying advance tax i.e. for 6 months on 31st January and 31st July for each financial year. DNS Accountants can help self employed plan their savings better and make sure that no additional tax is paid.

How to Pay your Self Assessment Tax Bill in Tax Return Deadlines

31st January – By 31st January, the self employed must file their online tax returns for the prior year and pay the tax amount due, if any. In addition to this, self employed need to make the first “payment on account” for the following year

5th April – The tax year ends on 5th April. Post this date, the HMRC will get in touch with self employed for their Self Assessment tax return

31st July – Important for “payments on account”

31st October – For submitting paper tax returns, 31st October is the deadline

Any deadline missed, will impose penalties. The HMRC expected all owner-managed-businesses to file their tax returns on time and provide accurate details of the earnings.

Do I need to complete a Tax Return?

If you as a taxpayer are taxed at source (the money you get is already taxed), you need not to complete a self assessment tax return. Most of the salaried people in UK fall under this category, so they do not require completing a self assessment return.

In case you get income income that has not been taxed already, or not taxed at the correct rate, and on which tax is due, are required to inform HM Revenue & Customs about the income within six months of the end of the tax year in which the income is received.

Need help with Tax Return?

Working with DNS Accountants is easy and with our DNS Accountants self assessment tax returns; our accountants take responsibility of all the paperwork. All the deadlines are met and no additional cost is paid as penalties. The taxation system is ever changing and businesses might not to be aware of the updated rules and guidelines. To avoid such circumstances it is imperative to appoint taxation planners such as DNS Accountants.